HomeMy WebLinkAboutMinutes_GEDCO_12.15.2008Notice of Meeting of the
Georgetown Economic Development Corporation
and the Governing Body of the
City of Georgetown, Texas
Monday, December 15, 2008
The Board of Directors of the Georgetown Economic Development Corporation, created pursuant
to Section 4A of the Economic Development Act of 1979, as amended (Tex. Rev. Civ. Stat. Ann.
Art 5190.6), will meet on Monday, December 15, 2008 beginning at 02:00 PM in the City Council
Chambers, located at 101 E. 7th Street, Georgetown, Texas
If you need accommodations for a disability, please notify the city in advance.
Georgetown Economic Development Corporation Members:
Ben Oliver, Rick Smith, Ron Shelly, Pat Berryman, Dale Ross
Call to Order at 02:00 PM
ADiscussion and possible action regarding the Project Progress Report, including Hope
Lumber Company nka Pro-Build South, Citigroup, Vista Solutions, Loading Dock,
Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, and
Enflite. -- Mark Thomas, Economic Development Director and Paul E. Brandenburg,
General Manager
B.Consideration and approval of the minutes from the Regular Board Meeting held
Monday, November 3, 2008 -- Ben Oliver, Secretary
C. Consideration of the October 31, 2008 and November 30, 2008 Financial Reports--Micki
Rundell, Finance Manager
D.Acceptance of the Investment Policy for the Georgetown Economic Development
Corporation (GEDCO) as amended by City Council on November 10, 2008--Micki
Rundell, Director of FInance
E.Acceptance of the Quarterly Investment Report for the Georgetown Economic
Development Corporation (GEDCO) for the quarter ended September 30, 2008 --Micki
Rundell, Finance Manager
F.Discussion and possible action to approve funding to provide tenant finish out in the
city owned fire station located on Main Street in downtown Georgetown. A current
project, Inwood Estate winery , is considering the old Fire Station #1 as a manufacturing
and retail location--Mark Thomas, Economic Development Director
EXECUTIVE SESSION:
The Georgetown Economic Development Corporation will meet in closed executive session as allowed by
Texas Open Meetings Act (Texas Government Code Chapter 551), as follows:
G.Section 551.072. DELIBERATION REGARDING REAL PROPERTY
Discussion and possible action to deliberate the purchase , exchange, lease or value of real property for purposes
authorized by Section 4A of Economic Development Act of 1979 (as amended) which discussion in open session
would have a detrimental effect on negotiations with third persons.
H.Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS.
Deliberation regarding commercial or financial information that the corporation has received from a business
prospect that the Georgetown Economic Development Corporation seeks to have locate, stay, or expand in or
near the territory of the City of Georgetown and with which the Corporation is conducting economic
development negotiations; and/or deliberation regarding the offer of a financial or other incentive to a business
prospect that the Corporation seeks to have locate, stay, or expand in or near the territory of the City of
Georgetown.
-Project Wireline
-Project Flow
I.Section 551.071. CONSULTATION WITH ATTORNEY
Consultation with attorney regarding legal issues related to agenda items and other matters in which the duty of
the attorney to the Georgetown Economic Development Corporation under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas.
REGULAR SESSION:
The Board will reconvene in regular open session to take any action necessary related to any of the
above-posted executive session items.
J.Action from Executive Session
Certificate of Posting
I, Sandra Lee, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice
of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general
public at all times, on the _____ day of _________________, 2008, at __________, and remained so
posted for at least 72 continuous hours preceding the scheduled time of said meeting.
__________________________________
Sandra Lee, City Secretary
Minutes of the Meeting of
the Georgetown Economic Development Corporation
and the Governing Body of the
City of Georgetown, Texas
Monday, December 15, 2008
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on
Monday, December 15, 2008.
Members Present:
Rick Smith, Pat Berryman, Ben Oliver, Dale Ross
Members Absent:
Ron Shelly
Staff Present:
Paul E. Brandenburg, General Manager, Micki Rundell, Finance Manager, Leticia Zavala,
Controller, Mark Thomas, Economic Development Director, Shirley J. Rinn, Deputy City
Secretary, George Gomez, Economic Development Program Specialist, Trish Carls, City
Attorney
Minutes
Regular Meeting
Meeting was called to order at 2:05 p.m.
ADiscussion and possible action regarding the Project Progress Report, including Hope
Lumber Company nka Pro-Build South, Citigroup, Vista Solutions, Loading Dock,
Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, and
Enflite. -- Mark Thomas, Economic Development Director and Paul E. Brandenburg,
General Manager
Paul Brandenburg and Mark Thomas gave the Board an overview of the status of each
of these projects.
B.Consideration and approval of the minutes from the Regular Board Meeting held
Monday, November 3, 2008 -- Ben Oliver, Secretary
Motion by Berryman , second by Oliver to approve the minutes from the Regular Board
Meeting held Monday, November 3, 2008 - Approved 4-0 (Shelly Absent)
C. Consideration of the October 31, 2008 and November 30, 2008 Financial Reports--Micki
Rundell, Finance Manager
Zavala gave the overview of the Financial Reports, focusing on the most recent one,
including monthly sales tax revenues, monthly expenditures, budgetary report, and
other relevant financial information.
Zavala told the Board that we have not received the most recent sales tax information.
She told the Board that sales collections are 8% down for October.
There was discussion regarding benchmarking with other cities to gauge where the City
of Georgetown is on its sales tax collections relative to those other cities.
Rundell told the Board that housing starts are way down which is having an impact on
sales tax collection.
Rundell also told the Board that she doesn't feel like we are going to meet budget due to
the downturn. She has budgeted conservatively, but still doesn't think we will make
our numbers.
There was additional discussion regarding retail closings in Wolf Ranch, across the
region and the nation and how it could impact our area.
D.Acceptance of the Investment Policy for the Georgetown Economic Development
Corporation (GEDCO) as amended by City Council on November 10, 2008--Micki
Rundell, Director of Finance
Zavala gave the Board an overview of the Investment Policy and the changes from last
year's Policy. She told the Board that the Policy had been approved by the City Council.
Motion by Beryman, second Oliver to accept the Investment Policy for the Georgetown
Economic Development Corporation (GEDCO) as amended by City Council on
November 10, 2008. Approved 4-0 (Shelly Absent)
E.Acceptance of the Quarterly Investment Report for the Georgetown Economic
Development Corporation (GEDCO) for the quarter ended September 30, 2008 --Micki
Rundell, Finance Manager
Zavala gave the Board an overview of the Quarterly Investment Report for September
30, 2008.
She also told the Board that a security would be maturing this month.
F.Discussion and possible action to approve funding to provide tenant finish out in the
city owned fire station located on Main Street in downtown Georgetown. A current
project, Inwood Estate winery, is considering the old Fire Station #1 as a manufacturing
and retail location--Mark Thomas, Economic Development Director
Thomas gave the Board an overview of Inwood Estate Winery and its proposal to bring
his business to Georgetown.
Thomas provided the Board a 10 Pro Forma for the Company.
Thomas went on to discuss the need for Georgetown to have a type of unique business
niche in the downtown that makes it different from Salado, Wimberley, and
Fredericksburg. There was discussion regarding the vacancies in the buildings on the
square and how those vacancies can ultimately have an impact on the ability to attract
prospects to the downtown.
Thomas told the Board that Inwood would like to move their wholesale operation to
Georgetown because they feel it will increase their visibility and retail sales. However,
the move would be a challenge and that the company would need a relocation package
of $250,000 that would act as a cash infusion for the company. Thomas said that the
owner has indicated that if Georgetown can put together a local investment package
they will come to Georgetown.
Thomas told the Board that $550,000 is needed to buildout/remodel the bays of the old
Fire Station #1.
There was extensive discussion regarding the need of the City to do improvements to
enhance the City's ability to lease the potential retail space in the Old Fire Station. This
discussion included clawback provisions, the City's investment and ROI, scenarios
regarding whether or not the 4A could lease the space from the City and in turn lease it
to a retailer, whether or not the winery could partner with a deli/restaurant, etc.
Thomas also told the Board that the timing of this winery project is important because
of the need for the winery to plant vineyards as soon as possible if the project is
approved.
It was clarified that the 4A Board is being asked to provide funding to renovate an old
building and bring it up to standard and current codes .
There was additional discussion regarding the merits of this project.
Motion by Berryman , second by Ross to approve 4A funding in an amount not to
exceed to $550,000 to renovate the old Fire Station #1 to current standards and to
authorize staff to negotiate a Performance Agreement with Inwood Winery to lease the
facility contingent upon legal review. Approved 4-0 (Shelly Absent)
Rundell told the Board they would still need to discuss how they would like to fund
this project.
Recessed into Executive Session at 2:55 p.m.
EXECUTIVE SESSION:
The Georgetown Economic Development Corporation will meet in closed executive session as allowed by
Texas Open Meetings Act (Texas Government Code Chapter 551), as follows:
G.Section 551.072. DELIBERATION REGARDING REAL PROPERTY
Discussion and possible action to deliberate the purchase , exchange, lease or value of real property for purposes
authorized by Section 4A of Economic Development Act of 1979 (as amended) which discussion in open session
would have a detrimental effect on negotiations with third persons.
H.Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS.
Deliberation regarding commercial or financial information that the corporation has received from a business
prospect that the Georgetown Economic Development Corporation seeks to have locate, stay, or expand in or
near the territory of the City of Georgetown and with which the Corporation is conducting economic
development negotiations; and/or deliberation regarding the offer of a financial or other incentive to a business
prospect that the Corporation seeks to have locate, stay, or expand in or near the territory of the City of
Georgetown.
-Project Wireline
-Project Flow
I.Section 551.071. CONSULTATION WITH ATTORNEY
Consultation with attorney regarding legal issues related to agenda items and other matters in which the duty of
the attorney to the Georgetown Economic Development Corporation under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas.
Reconvened into Regular Session at 3:21 p.m.
REGULAR SESSION:
The Board will reconvene in regular open session to take any action necessary related to any of
the above-posted executive session items.
J.Action from Executive Session
There was no action out of Executive Session.
Adjourned at 3:24 p.m.
Attest:
__________________________________________________________
Ben Oliver, Corporate SecretaryRick Smith, President